Motorcycle insurance is a crucial part of being a responsible rider. You need coverage that fits both your budget and your lifestyle, offering protection in the event of accidents, theft, or damage. While there are plenty of options, finding the best cheap motorcycle insurance can be overwhelming. In this article, we’ll explore the top eight insurance companies that provide affordable motorcycle coverage, their reviews, and the pros and cons of each. We’ll also answer 13 common questions to help guide your decision.
Top 8 Motorcycle Insurance Companies for Cheap Coverage
1. GEICO
GEICO is one of the most well-known insurance companies in the U.S., and they offer highly competitive motorcycle insurance rates. They provide multiple discounts for safe drivers, experienced riders, and bundling policies with other insurance products like car or home insurance. GEICO is particularly popular for their customer service, which is available 24/7.
The pros of GEICO include their affordable rates, wide range of coverage options, and the ease of managing your policy online. However, a con is that some customers have reported that claims processing can be slower than other companies, and they may not offer as many motorcycle-specific coverage options as some specialized providers.
2. Progressive
Progressive is another big player in the insurance world and offers great value for motorcycle riders. They are known for their broad coverage options, including custom parts and equipment coverage. Progressive also offers discounts for safe driving, paying in full, and insuring multiple vehicles. Their “Name Your Price” tool helps find policies that fit your budget.
The advantages of Progressive include their variety of coverage options, including roadside assistance and trip interruption coverage. They also have an excellent reputation for claims processing. However, some riders have noted that their premiums can increase significantly after an accident, which could be a downside if youre concerned about future costs.
3. State Farm
State Farm is well-known for its extensive agent network and personalized service. They offer motorcycle insurance policies with customizable coverage options, including liability, collision, and comprehensive coverage. State Farm is ideal if you prefer working directly with a local agent.
Pros of State Farm include strong customer service and a wide array of coverage options. The downside is that they may not always offer the cheapest rates, especially if you don’t qualify for their discounts. Some customers also find their online policy management less user-friendly compared to competitors.
4. Allstate
Allstate is another large insurance provider with a strong reputation for customer satisfaction. They offer motorcycle insurance with a focus on coverage for custom bikes and valuable accessories. Allstate also offers unique coverage options like “new motorcycle replacement” and accident forgiveness.
Allstate’s strengths include a wide variety of discounts, flexible coverage, and accident forgiveness options. However, Allstate’s rates are typically higher than companies like GEICO or Progressive, which may not be ideal for riders looking for the absolute cheapest insurance. Additionally, some customers report dissatisfaction with the claims process.
5. Dairyland
Dairyland specializes in motorcycle insurance, making them a favorite among riders who are looking for affordable coverage that includes features like coverage for custom parts, replacement cost, and optional medical expense coverage. They are particularly known for offering insurance to high-risk drivers.
Dairylands pros include coverage options tailored specifically for motorcycle riders, as well as competitive rates for those who may have a less-than-perfect driving record. The cons, however, are that their customer service can sometimes be slow, and their coverage is not available in all states.
6. Harley-Davidson Insurance
Harley-Davidson Insurance is the go-to for many Harley owners, as they provide policies specifically designed for these bikes. They offer specialized coverage for genuine Harley parts, accessories, and even rider apparel. Harley-Davidson Insurance also provides generous discounts, including savings for H.O.G. members.
The pros of Harley-Davidson Insurance include excellent coverage options for Harley owners and a wide range of discounts. However, the downside is that their rates can be higher than general providers like GEICO, and they mainly cater to Harley-Davidson motorcycles, limiting their appeal to riders of other brands.
7. USAA
USAA offers motorcycle insurance exclusively to military members and their families. Their coverage includes a wide range of protection, including for custom equipment and accessories. USAA is also known for exceptional customer service and competitive rates, particularly for those who bundle with other USAA products.
USAA’s pros are excellent customer service, competitive pricing, and generous discounts for military personnel. However, since it’s only available to military families, it limits who can access their coverage. Additionally, USAA doesn’t offer as many motorcycle-specific options compared to other companies.
8. Markel
Markel is a lesser-known but well-respected company specializing in motorcycle insurance. They offer flexible coverage options that allow you to add features like mechanical breakdown coverage, uninsured motorist coverage, and trailer insurance. They’re known for having customizable policies and affordable rates.
Markel’s pros include customizable coverage options and competitive rates for both new and experienced riders. However, their customer service can be hit or miss, and they don’t offer the same breadth of discounts that larger companies like GEICO or Progressive do.
13 Common Questions and Answers About Motorcycle Insurance
1. Is motorcycle insurance mandatory? Yes, in most states, motorcycle insurance is required by law. At a minimum, riders are typically required to carry liability insurance to cover damages or injuries to others in case of an accident.
2. How much does motorcycle insurance cost? The cost of motorcycle insurance can vary widely depending on factors like your location, age, driving history, and the type of bike you own. On average, policies can range from $200 to $1,000 per year.
3. What factors affect motorcycle insurance rates? Factors include the rider’s age, driving record, location, motorcycle type, usage (e.g., daily commute vs. recreational use), and credit score. High-performance or custom bikes typically have higher premiums.
4. What type of coverage do I need? At a minimum, you’ll need liability coverage, but it’s often wise to get collision, comprehensive, and uninsured motorist coverage for better protection.
5. Can I bundle motorcycle insurance with other policies? Yes, most major insurers offer bundling discounts when you combine motorcycle insurance with home, auto, or other policies.
6. Are there discounts available for motorcycle insurance? Yes, common discounts include those for safe driving, anti-theft devices, paying in full, and bundling with other policies.
7. How can I lower my motorcycle insurance premiums? To lower premiums, consider taking a motorcycle safety course, maintaining a clean driving record, bundling with other policies, or choosing a higher deductible.
8. Does motorcycle insurance cover custom parts and accessories? Some policies offer custom parts and equipment coverage, but you may need to add this as an endorsement or rider. It’s important to check if your policy includes this coverage.
9. Will my motorcycle insurance cover me if I ride someone else’s bike? Typically, insurance follows the bike, not the rider, meaning the owner’s insurance will cover you if you have permission to ride their motorcycle.
10. What happens if I cancel my motorcycle insurance? If you cancel your motorcycle insurance and continue riding, you could face fines or penalties for being uninsured. Your lender may also require you to maintain insurance if your bike is financed.
11. Does motorcycle insurance cover passengers? Some policies include passenger liability coverage, but you may need to add this coverage depending on your provider.
12. Is roadside assistance available for motorcycles? Yes, many insurance companies offer roadside assistance as an optional add-on. It covers services like towing, fuel delivery, and flat tire repairs.
13. Do I need year-round motorcycle insurance? Even if you don’t ride in winter, it’s usually recommended to keep your insurance active to protect against theft, weather damage, or other risks when your bike is stored.
When selecting motorcycle insurance, the brand of your bike can play a significant role in determining your rates. When I searched for motorcycle insurance near me I talked about this. The top 20 motorcycle brands that are commonly insured include globally recognized names such as Harley-Davidson, Yamaha, Honda, Kawasaki, and Suzuki, which are known for their reliability, widespread parts availability, and strong resale value. Other premium brands like Ducati, BMW, and Triumph may command higher insurance premiums due to their performance capabilities and costlier parts. American brands such as Indian and Victory also offer bikes with high customization options, impacting insurance coverage for parts. For adventure and off-road riders, KTM and Husqvarna are popular choices. More niche brands like Royal Enfield, Aprilia, Moto Guzzi, and Can-Am produce unique bikes that may require specialized insurance coverage. Additionally, brands like Zero Motorcycles and Energica are leading the way in electric bikes, which can sometimes result in higher premiums due to their emerging technology. Understanding the brand and model of your motorcycle is essential when searching for the best insurance rates, as performance, cost of repairs, and theft rates can all affect your premium.